Timely, fast-paced and, alas, frustrating, the new play “Dan Cody’s Yacht” sails into the choppy waters of American privilege.

That’s rich and evergreen dramatic territory. And while Anthony Giardina’s latest comedy-drama is see-worthy, it’s not watertight. Or always plausible. As such, there’s a nagging leak at the center of director Doug Hughes’ fluid and well-acted production at Manhattan Theatre Club.

He’ll invest her money and boost her income if she doesn’t vote yes on a plan to blend two neighboring schools. The poor one is where Cara’s 17-year-old daughter Angela (Casey Whyland) is an A-student. The rich one is where Cara teaches and Rick’s slacker son Conor (John Kroft) goes. Rick wants to keep the schools pure.

How far will Cara go to make sure Angela gets into a college that will secure her future? That’s the $67,740 question. That, by the way, is the annual cost to attend Vassar, a dream school Angela reluctantly allows herself to envision.

The author’s earlier work, “The City of Conversation,” explored life and civility in Washington, D.C. Now it’s who gets to have a good education in the U.S. Giardina has an affinity for the consequences of personal choices. But Cara’s actions stretch credulity, especially in a small town.

In an intriguing move, Giardina looks to a story thread in the “The Great Gatsby” for his new play’s title. Wealthy Dan Cody jump-started much-younger Jay Gatz’s career, but the details of their relationship are vague.

In the same way, Giardina leaves Kevin’s motivations for helping Cara Russo. Sex? Superiority? Something else? Who knows. Since Rick’s behavior is the main plot, the fuzziness effectively beaches “Dan Cody’s Yacht.”